Russia has decided to cancel its proposed national cryptocurrency exchange in light of the sanctions imposed by the international community due to the Ukraine invasion. The initial purpose of this exchange was to alleviate some of the adverse effects caused by these sanctions.
However, after careful consideration, Russian authorities have shelved the project. As an alternative approach, Russia will shift its focus toward developing regulatory frameworks enabling private companies to establish cryptocurrency exchanges.
Anatoly Aksakov, the head of the State Duma committee on the financial market, revealed this information to local media.
Aksakov stated,
Exchanges will help businesses make cross-border settlements, restrictions may begin to be imposed on them. At the same time, new organizations will appear. We agree with this concept in the Ministry of Finance. Market participants are confident: a new…
